Singyes drops CB plans after bond default

The Chinese solar panel manufacturer has slipped into further trouble after it was forced to abandon plans to raise fresh capital from a convertible bond sale.
The Chinese government is phasing out subsidies for the solar sector.
The Chinese government is phasing out subsidies for the solar sector.

China Singyes Solar Technologies has fallen into deeper financial trouble. The solar panel manufacturer said on Thursday that its plans to issue convertible bonds had lapsed following a default on its existing liabilities.

The company announced plans in October to sell HK$230 million $29.3 million of convertible bonds to refinance its existing debt. But the proposal was dropped on Thursday after it failed to meet certain conditions, including maintaining at least $80 million of cash at the time of the issuance.

Singyes financial troubles were revealed in October when it defaulted on its $160 million 6.75% senior notes. On Thursday, the company...

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